Russian company offers Armenian government $500 million Metro development project

YEREVAN, November 24. /ARKA/. A Russian company called Metrogiprotrans, which earlier won a tender announced by the Yerevan Municipality for the design of a new metro (underground railway) station in Yerevan’s administrative district Ajapnyak, has offered a $500 million metro development project to the Armenian government.

The news was announced by the chairman of Metrogiprotrans JSC Board of Directors Valery Abramson during a meeting today with Yerevan Mayor Hayk Marutyan.

According to the Yerevan Municipality, the Russian Agency for Export Credit Insurance is ready to assist in implementation of the project on favorable terms.

"With these funds, we will be able to renew the obsolete subway infrastructure as well," Abramson was quoted as saying by the Municipality’s press office.

Marutyan pointed out that financing issues should be resolved within six months so that work can begin next year.

"We all know that there are quite serious problems in the country now, and I hope that these problems are surmountable and that it is possible to find finances for the subway," the mayor said.

According to the preliminary version of the project, a bridge is to be built over River Hrazdan. The Russian company also proposes that a second tier be built for cars or pedestrians.

The Ajapnyak metro station is to connect this administrative district with the Barekamutyun station, significantly relieving the heavy traffic in the city.

The Yerevan Metro launched in 1981 runs on a 13.4 kilometer line and currently serves 10 active stations. -0-